Bone McAllester Norton attorneys Trace Blankenship and Sarah Lodge Tally are advising Citizens Tri-County Bank in the transaction to purchase another bank in the area.
Sequatchie Valley Bancshares Inc., the parent company of Citizens Tri-County Bank based in Dunlap, Tenn., is buying Franklin County United Bancshares, the parent company of Franklin County United Bank with offices in Decherd and Cowan, Tenn.
The purchase is the ninth for Citizens Tri-County since the bank began in 1972 as the Citizens Bank of Dunlap and Pikeville. The purchase will boost Citizens Tri-County Bank, which took on its name in 1992 after previous bank acquisitions, to $805 million in assets served by two dozen offices across nine counties.
"We are very excited about the expansion of our bank into Franklin County as part of our strategic plan," said John V. Barker, president of Citizens Tri-County Bank. "This transaction provides the opportunity to expand our team with the addition of experienced and talented associates while serving the needs of new and current customers across several contiguous counties. We look forward to continuing to build great relationships in all of the communities we serve."
Trace Blankenship, member and general counsel of Bone McAllester Norton, is serving as lead counsel on this transaction. His practice is focused on mergers and acquisitions, securities/venture funding/private placements and company governance and board strategy. Sarah Lodge Tally is an attorney at Bone McAllester Norton and is assisting in the transaction. Sarah's practice is focused on corporate matters advising in strategy and execution of complex transactions.
To read our client's press release, click here.
To read an article about the transaction in the Chattanooga Times-Free Press, click here.